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Industrial Enzymes Market Overview
Macromolecular biological catalysts are popularly known as enzymes. These assist in performing various metabolic activities, which together sustain life in a host. Enzymes are highly selective catalysts that accelerate the speed of metabolic reactions such as digestion of food and synthesis of deoxyribonucleic acid (DNA) in human bodies. The enzymes are highly efficient and selective biological chemicals that accelerate reactions by forming transition state complexes with their substrate, thereby, reducing the activation energy required by the reactions. These enzymes are utilized for a wide array of industrial and chemical applications such as animal feed, bakery, tannery, biofuel production, and brewing. In the report, the industrial enzymes market is segmented on the basis of type, application, and region.
The industrial enzymes market has been classified on the basis of type into amylases, cellulases, proteases, lipases, and phytases. The largest share is attributed to proteases category. The protease is the most essential enzyme for digestion of proteins. The enzyme also has the ability to hydrolyze all types of proteins. This in turn reduces the prevalence of factors, which could lead to anxiety and insomnia in human bodies.
The industrial enzymes market has been categorized on the basis of application into food and beverages, cleaning agents, bio-energy, animal feed, and others. The others category includes starch processing, textile, and leather. The enzymes are most widely used in food and beverages processing. Innovations in the field of enzyme processing technologies and recombinant techniques in the past decade, have helped to improve food yields, alter specificity of food products, and increase stability of enzymes. Such techniques have also extended the applications of enzymes in the food and beverages industry.
Additionally, with macroeconomic growth across the Asia-Pacific (APAC) and Latin America (LATAM) regions, development of new products in the food and beverages industry, and increasing adoption of different food and beverages products across various demographics, the demand for the enzymes is also likely to expand at a significant rate.
Based on region, the industrial enzymes market has been categorized into North America, Europe, APAC, LATAM, and Middle East and Africa (MEA). Geographically, North America held the largest share in the market. However, APAC market is likely to witness the fastest growth in the coming years. Investments by multinational food and beverages companies in the emerging markets of China and India, as well as demand for these enzymes to feed the high-volume food demand in these countries are expected to boost the APAC market during the forecast period.
Industrial Enzymes Market Dynamics
Key factor driving the growth of the industrial enzymes market is the growing demand for biofuels by several countries to reduce dependence on fossil fuel derivatives to cater their energy demand in the forthcoming period.
The rapid depletion of fossil fuels and global warming caused by their usage have shifted the global interest from conventional non-renewable energy sources to sustainable and renewable energy sources. Several governments across the globe have initiated different projects and schemes to promote and encourage the generation of renewable energy. Moreover, the implementation of stringent environmental regulations across the globe is propelling the demand for efficient renewable energy sources, such as biofuels. Several international organizations are framing strict guidelines and standards, in order to reduce the greenhouse gases emission. This further compels the governments to frame stringent legislations and regulations, thus supporting the adoption of clean and safe energy.
As per a publication by International Energy Agency (IEA) – World Energy Outlook 2014, the world energy demand is expected to increase by 37% by 2040, from its value in 2014. This further necessitates adoption of cleaner fuels, and is thereby, likely to offer growth to the biofuel market, with several countries trying to comply with their targets to use biofuels, as mix blends or pure mix, and diversifying their energy portfolios to greener avenues. Thus, the increase in demand for biofuel is likely to accelerate the growth of the global industrial enzymes market.
High growth potential of emerging economies and technological innovations leading toward development of niche applications of industrial enzymes is likely to offer ample growth opportunity for players operating in the industrial enzymes market during the forecast period.
Industrial Enzymes Market Competitive Landscape
The market players in the industrial enzymes market routinely perform collaborations with other companies, capacity additions to their manufacturing facilities, and distribution networks to integrate their operations across the industrial enzymes value chain. For instance, in February 2018, AB Enzymes opened a new distribution center for its customers near Chicago, Illinois. Additionally, a collaboration between Monsanto and Novozymes A/S called as The BioAg Alliance was established, with the aim to improve crop harvests through adoption of naturally-occurring microbes in the production cycle.
Some of the major players operating in the global industrial enzymes market are Monsanto, BASF SE, DowDuPont, Koninklijke DSM N.V., Amano Enzyme Incorporated, Novozymes A/S, Chr. Hansen A/S, Codexis Incorporated, and Associated British Foods PLC.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Japan, China, India, Brazil, Mexico, Saudi Arabia, and South Africa.